Europe's antitrust regulator accepted on Wednesday Visa Europe's offer to cap its inter-bank credit card fees at 0.3 percent per transaction, the same level as rival MasterCard, as it ended an antitrust investigation into the company. "The cap on inter-bank fees for Visa Europe's credit cards and the commitments ensuring cross-border competition are excellent news for European consumers, since the fees paid by retailers end up on their bills," EU Competition Commissioner Joaquin Almunia said in a statement.Reuters reported on Feb. 14 that the European Commission would take up the offer from the world's largest card payments company, which is owned and operated by more than 3,000 European financial institutions.The EU competition authority had told Visa Europe, the European licensee of Visa Inc, that its inter-bank credit card fees were anti-competitive.
Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI fell by 0.78% or $-0.17/share to $21.65. In the past year, the shares have traded as low as $17.92 and as high as $26.59. On average, 31880 shares of FISI exchange hands on a given day and today's volume is recorded at 17577.
Visa Inc. (Visa) is a global payments technology company that connects consumers, businesses, banks and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. Shares of V traded higher by 0.41% or $0.92/share to $227.11. In the past year, the shares have traded as low as $155.68 and as high as $235.50. On average, 3291820 shares of V exchange hands on a given day and today's volume is recorded at 2835437.
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